8 Banks Offering Instant Loans Without Collateral in Nigeria: Top Lenders You Should Know


Years ago, no one would have believed that banks in Nigeria could provide instant loans without collateral, but times have truly changed. Now, several banks offer loan services to their customers without asking for collateral. Moreover, it’s straightforward and easy to get access to these loans with the help of USSD codes, mobile applications, and other digital platforms.

Financial technology companies have evolved to meet up with the demand and dominate the lending industry. In this article, we’ll take a close look at the leading banks in Nigeria providing loans without collateral. We will also cover the services you can access in each bank so that you can choose what works for you.

Full List Of All The 17 Nigerian Banks Ussd Codes – Transfer Codes

List of Banks Offering Instant Loans Without Collateral in Nigeria

First City Monument Bank [FCMB]

Years ago, getting a loan without collateral from a traditional bank in Nigeria would have been unheard of, but not anymore. FCMB, one of the leading financial institutions in Nigeria, is now offering several types of collateral-free loans to its customers.

The FCMB FastCash Loan, for instance, can be accessed instantly using the USSD code *329#. There are also other loans such as the Auto Loan, Salary Top-Up Loan, and Premium Salary Loan. With FCMB, accessing funds has never been easier. So, if you’re tired of being asked to provide collateral for a loan or you need quick access to funds, FCMB has got you covered.



WEMA Bank is one of the top banks in Nigeria that provides instant loans without collateral. If you have a salary current or savings account with WEMA Bank, you are eligible for a loan without collateral. The maximum loan amount you can get is seven multiples of your net monthly salary, up to a maximum of N2 million.

Are you a confirmed employee? WEMA Bank operates a 48-hour loan disbursement, which means you can receive your loan within 48 hours of application. Unlike most banks, WEMA Bank does not require you to have a salary account before you can access a loan without collateral.

Have you been eyeing a new property or a business opportunity? WEMA Bank is here to make things happen for you without the stress of providing collateral. The loan process in WEMA Bank is simple and fast. You can apply for a loan from the comfort of your home or office with just a few clicks on your phone or computer.

Don’t keep those dreams of yours on hold because of inadequate funds. Take a bold step today and apply for an instant loan without collateral from WEMA Bank. With WEMA Bank, you can bring your ideas to life in no time!

Check Out Wema Bank Transfer Code

Stanbic IBTC

Moving on to another top-notch bank in Nigeria providing instant loans without collateral, we have Stanbic IBTC. This subsidiary of Standard Bank Group offers both personal and business loans to customers. The best part is that you do not need a salary account to access these loans. Repayment periods range between one to five years, and payment can be made in monthly installments.


Among the loan options provided by Stanbic IBTC are SME Loans, Overdrafts, Receivable Discounting or Invoice Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loan, Lease, Bonds & Guarantee, and Retail Loans for Schemes. With LPO, borrowing customers can finance the supply of materials without collateral. Overdrafts grant the borrower a particular amount over the credit balance in their current account, set within a specific tenure of usually not exceeding twelve months. Stanbic IBTC is indeed changing the lending narrative in Nigeria, with instant loans accessible to all, regardless of salary accounts or collaterals.

Zenith Bank

Zenith Bank stands out as one of the most successful banks in Nigeria. It is popular for providing various loan options for its customers without asking for collateral. Zenith Bank’s loan services include SME Loans, Overdrafts, Receivable Discounting or Invoice Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loan, Lease, Bonds & Guarantee, and Retail Loans for Schemes.

One of their unique loan options is the Local Purchase Order (LPO) that customers can access to finance the supply of materials. Another loan option is the Overdraft, which grants borrowers a certain amount over the credit balance in their current account. The repayment period is set within a specified tenor, usually not exceeding twelve months. Zenith Bank customers can access all these loan options without worrying about collateral.

You can check out their website for more information on how to access these loan options. With their reputation for excellent customer service, Zenith Bank has made it possible for their customers to access loans without any unnecessary hassle.

Fidelity Bank

Fidelity Bank is one of the top banks offering instant loans without collateral in Nigeria. Their Fidelity Easy Asset Leasing Scheme (FEALS) is an innovative service that allows customers to acquire household appliances, brand-new vehicles, generators, inverters, laptops, and other items without collateral. The minimum contribution for FEALS is as low as 20%, and loan approval takes only 48 hours.

Fidelity Bank is known for its SME-friendly policies and has won numerous awards and recognition for its retail banking sector. With a focus on customer satisfaction, the bank provides efficient, fast, and reliable services for its customers. Through FEALS, customers gain access to loans without the need for collateral, giving them more financial flexibility.

So, imagine being in desperate need of a car, generator or other essential items and not having the means to purchase them. Fidelity Bank’s FEALS comes to the rescue, giving you the chance to get what you need without breaking the bank. In addition to the low minimum contribution, the 48-hour loan approval is another amazing feature that sets Fidelity Bank apart from the competition.

Fidelity Easy Asset Leasing Scheme is a game-changer in the Nigerian banking industry. It is a prime example of how banks can cater to the needs of their customers and provide solutions that ease financial stress. Fidelity Bank’s commitment to customer satisfaction is evident in the innovative services they offer, and FEALS is undoubtedly one of the best loan products available in the market currently.

First Bank

Moving on to Nigeria’s premier commercial bank, First Bank provides not only retail but also corporate financial services to customers across Africa. One of its notable loans without collateral is the FirstEdu loan. This loan is specifically designed for private school owners who require additional funds for effectiveness and is only available to private schools registered with the Corporate Affairs Commission [CAC] and possessing a minimum account relationship of 9 months.

Easiest Way On How To Transfer Money From First Bank

With a maximum loan amount of N10 million and consideration for a 100-student population, the FirstEdu loan allows school owners to pay for the high costs of educational supplies, teacher training programs, and facility upgrades. So, if you’re running a private school and require additional funds, look no further than First Bank’s FirstEdu loan.

Check out Best Way On How To Register First Bank Transfer Code Without Atm card

United Bank for Africa [UBA]

Ah, UBA. You are probably here because you were lured by the “No Wahala Loan” slogan, aren’t you? Well, who wouldn’t be? It sounds amazing; like everything is just going to be easy-peezy like drinking a glass of cold water on a hot day. And, if you thought that was the only trick up UBA’s sleeve, then you need to hear about the Personal Overdraft option.

The “No Wahala Loan” gives the borrower more authority and autonomy over the loan, meaning you can direct the use of the loan funds as you please. Come on, you know that’s exciting! You may need a little extra cash to handle unexpected emergencies, car repairs, house renovations, or something else, so why not get it instantly with “No Wahala Loan.” I mean, it certainly sounds better than calling up your friends and relatives, no?

The Personal Overdraft option, on the other hand, grants you instant access to additional funds over the balance in your account, which is often useful for short-term cash flow issues. So, if you need a little help getting through the month before payday, this might be the way to go. Just don’t forget to pay it back though, we don’t want UBA to have wahala with you.

Anyway, UBA is undoubtedly another lender you should consider, and you need to visit their website to check if you are eligible.

GT Bank

GT Bank is known for its GTBank Quick Credit option which is an instant loan granted without collateral. This is the perfect option if you need cash urgently for a pressing need. The interesting thing about this option is that it is designed to meet the financial needs of salary account holders with minimum documentation and no collateral needed.

You can apply for a loan of up to N5 million with flexible repayment plans of up to 12 months. The application process is simple and can be completed within minutes either on the GTBank internet banking portal or mobile App. The quick credit option is available 24/7 which means you can apply for it anytime and anywhere. Plus, the interest rate is competitive and affordable which makes it a great option for anyone who needs quick cash. If you need a quick loan with no collateral, GTBank Quick credit is the right option to go for.

Frequently Asked Questions

What do banks check before giving a loan?

Banks typically assess credit rating, history, income, place of work, assets, and net worth to determine loan eligibility. For easy and hassle-free loans.

How do I convince a bank to get a loan?

Loan approval relies on meeting the specific requirements of each loan product.

How do I know if I qualify for a loan?

Lenders usually provide loan qualification information on their websites or mobile app dashboard.


In conclusion, getting an instant loan without collateral in Nigeria is now possible, thanks to the top banks mentioned in this blog. From FCMB, WEMA Bank, Stanbic IBTC, Zenith Bank, Fidelity Bank, First Bank, UBA, to GTBank, there are options available for personal and business loans. Each bank has its unique loan services and procedures depending on the requirements of the borrower.

It is essential to research each option and find the one that best suits your personal or business needs. Comparing loan offers from different lenders will help you make informed decisions before committing. Remember, taking out loans comes with responsibilities that should be taken seriously to avoid future problems



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